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大和:料內銀股本回報率將繼續輕微下跌 首選工行及招行
格隆匯 03-05 14:10

大和發表研究報告指,該行覆蓋的內銀股將於3月18至30日公佈業績,預計去年第四季行業的撥備前利潤將錄彈性增長,主要由於非利息收入的持續增長。該行又認為,隨着國有銀行及股份制銀行的淨息差(NIM)在去年第四季維持在2.12%的穩定水平,淨利息收入增長放緩的情況可能有所改善。

大和表示,由於嚴格的存款競爭法規導致存款成本壓力降低,以及貸存比率按季上升,有助去年第四季的NIM保持穩定。雖然認為行業的整體資產質量仍然可控,但去年信貸成本仍存有一定風險。

該行維持對行業“中性”評級,因為預料行業的股本回報率今年將繼續有輕微下跌。行業的首選仍然是工商銀行和招商銀行,亦喜歡建設銀行及郵儲銀行。

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